I don't think that there's a question that they have the power. What's not clear is whether or not they have the will. <cut to Verbal Kint opining on the nature of power>
They didn't want it to leak and they probably wanted to time it to coincide with UEFA's proposal, which they apparently found sufficiently unacceptable to undermine.
Petty and stupid, if you ask me, but what I'm taking away from this is that they collectively felt both massively disrespected and unheard by both UEFA and the Prem during previous negotiations.